Law house Robbins Geller Rudman & Dowd LLP appear on April vii that the lead plaintiff motion deadline in the Canaan securities IPO class activeness lawsuit was set up for May iv, 2022.

The Canaan's litigating stakeholders in the "Lemieux v. Canaan Inc." case are expected to decide who will correspond their interests, as they were accused that the initial public offering (IPO) carried out terminal Nov violated the Securities Human activity of 1933.

Misleading and imitation information provided

The lawsuit alleges that the Registration Argument for the IPO was imitation and provided investors with misleading information.

They are also defendant of failing to disclose that their relationship with Chinese company Hangzhou Grandshores Weicheng Technology Co., Ltd. (named as "Grandshores" in the class action) was merely a "related-party transaction."

The class-action details that Grandshores' market cap was a mere $l one thousand thousand, but they just reported $16 million in cash in paw, citing a report published Feb xx by Marcus Aurelious Value.

Canaan's worst-than-reported fiscal wellness

The lawsuit claims that the fiscal wellness of Canaan was worse than what had been reported. Moreover, it did non reveal the several distributors with whom it had previously worked, where many of them were classified as "pocket-size or suspicious business."

Furthermore, the class-action says that Canaan's largest Chinese clients in prior years were customers who were not in the Bitcoin mining industry.

Robbins Geller Rudman & Dowd LLP said that according to the Private Securities Litigation Reform Human activity of 1995, whatsoever Canaan investor who purchased their securities before IPO tin seek an appointment as lead plaintiff in the lawsuit, while they added the following:

"A pb plaintiff acts on behalf of all other form members in directing the Canaan securities form action lawsuit. The pb plaintiff can select a constabulary house of its choice to litigate the Canaan securities class action lawsuit."